$31.4 Million: Equus secures Houston Building

Comerica Bank Building in Sugar Land, Texas was purchased by Equus.

In Sugar Land, Texas, Equus Capital Partners has purchased the One Sugar Creek Center, Comerica Bank Building, an 194,000 square-foot office building on the Southwest Freeway near Houston on behalf of its Equus Investment Partnership IX fund.

Jared Chua and Bernard Branca of CBRE represented the seller, Parkway Properties, in the $31.4 million transaction.

The 11-story building, located at U.S. 59 and South Dairy Ashford in Sugar Land, is 89 percent occupied.

Transwestern’s Senior Managing Director Doug Little and Vice President Louann Pereira will provide leasing services for the building.

“Demand for quality office space in the Sugar Land submarket has intensified with 85,000 rentable sq ft of positive absorption reported in the second quarter, Pereira said. “Currently nearly 89 percent leased, the building’s excellent location and proximity to a well-educated labor force will draw considerable interest as we market one of the few full-floor opportunities in the Sugar Land market.”

Kyle Turner, Director of Investments of Equus Capital Partners, Ltd., and Roy Perry, Equus Senior Vice President, managed the purchase.

Built in 1983, the office building is situated on 4.5 acres located two miles from State Highway 6, four miles from Beltway 8, and 7 miles from Grand Parkway.

Based in Yardley, Pa., near Philadelphia, Equus’ portfolio consists of over 24 million sq ft of office, retail, and industrial properties and nearly 16,000 apartment units in the United States.